Verizon is reportedly preparing to eliminate 15,000 positions next week in what would be the largest workforce reduction in company history. The cuts come despite the company posting $5.1 billion in net income last quarter, highlighting growing competitive pressures.
October started as one of the worst periods for quant funds in recent memory, with Renaissance Technologies taking particularly brutal losses. While most systematic funds recovered by month’s end, Renaissance’s two largest external funds finished deep in the red. The legendary quant firm’s Instituti
Bobby Kotick says Activision almost bought Minecraft in 2014 but backed out when creator Markus “Notch” Persson warned he and his leadership team were quitting. Microsoft ultimately paid $2.5 billion for the game and studio, turning it into one of gaming’s biggest success stories.
Michael Burry, famous for predicting the 2008 housing crash, is closing his hedge fund Scion Asset Management. He told investors he’ll liquidate funds and return capital by year’s end, citing his disagreement with current market valuations.
Legendary investor Michael Burry is shutting down Scion Asset Management and returning capital to investors by year’s end. In a surprising move, he’s named Phil Clifton—a previous winner of FT Alphaville’s Friday charts quiz—as his successor. The handoff comes as Burry warns about unhinged market va
Rockstar Games faces internal rebellion after firing over 30 employees who were attempting to unionize. More than 200 current staff have signed letters demanding their colleagues be reinstated, with protests planned at offices worldwide.
Apple is expanding its revenue collection to apps that live inside super-apps like WeChat. The new Mini Apps Partner Program lets developers opt into Apple’s payment system in exchange for 15% fees. This marks a significant shift in how Apple monetizes embedded app ecosystems.
The restaurant payment platform Sunday has raised a $21 million Series B to expand across the U.S. Founded by hospitality veterans, the company is processing $4 billion annually for 80 million guests and reporting 3x year-over-year growth.
Major game publishers went all-in on games-as-a-service, only to face massive failures and layoffs. The race for the next Fortnite turned into a costly lesson in market saturation and player loyalty. Now the industry is retreating back to what actually works.
The UK government has introduced its most aggressive cybersecurity legislation ever. The bill targets critical infrastructure with mandatory standards and unprecedented enforcement powers following attacks costing £14.7 billion annually.
